Empty rentals put a dent in your real estate investment income. Without a resident to pay the rent, investors must cover all expenses for a rental property without income to offset those costs.
While your Mason County property might not stay empty forever, lengthy vacancies of several weeks (or months) can feel like they last forever. However, instead of waiting for the ideal new renter to arrive at the front door, real estate investors can do a few things to achieve shorter vacancy cycles and maintain consistent monthly cash flow.
What are the best ways to reduce vacancy times and boost ROI? Follow these tips from the best property management Mason County offers!
Encourage Renters to Stay
Improving resident retention rates means you don't have a vacancy at all! While not every renter will stay for more than one lease term, rental property owners can apply some strategies to encourage more renters to stay longer.
With better retention, investors don't have to spend time or money advertising a rental or screening for new renters. However, your renters are more than just a monthly rent check. They won't stay if they don't feel safe, comfortable, at-home (and valued) while living in your Mason County rentals.
Excellent renter management helps more renters renew their leases! To be an excellent rental property owner, apply proven strategies, including:
- Fixing maintenance issues promptly (and with quality repairs the first time)
- Raise the rent incrementally (when appropriate)
- Be responsive and communicate well (proactively)
- Allow pets (with the right screening and strategies in place)
- Build positive, professional relationships with renters (starting during the screening process)
Rental property owners set the tone for positive, long-term relationships with residents. While not every renter turns out to be someone you want to keep for more than one lease term, a thorough screening process and excellent renter management practices help investors increase retention rates and experience more lease renewals!
If you're not sure how to apply these strategies, let the best property management Mason County offers to manage renters and reduce turnover for your properties.
Get Ahead of Renewals
Waiting until the week a lease ends to start the renewal process is often too late! When real estate investors are not prepared for the end of a lease term, they miss out on opportunities to encourage a renewal or find new renters with minimal vacancy time between residents.
Starting lease renewals earlier and staying ahead of ending leases gives you the time you need to:
- Inform current residents about leases changes or a rent increase
- Start marketing your property and screening potential renters if a resident doesn't renew
- Have a new lease signed or a new renter ready to move in without days, weeks, or months of an empty property between residents
Being proactive with the lease renewal process helps shorten vacancy cycles in Mason County and maintains your cash flow!
Hire a Property Manager
If you own multiple investment properties in the area, staying ahead of lease renewals and building positive relationships with multiple renters can become overwhelming. However, falling behind in your leasing process or mismanaging residents are two significant issues that can cause renters to leave and result in income loss.
The best property management Mason County offers makes it easy for real estate investors to experience consistent passive real estate income without doing the work to hang on to residents or find new ones—fast. A property manager:
- Stays up-to-date on all leases and starts the renewal process 60-90 days before a lease ends
- Applies expert marketing strategies right away when a resident confirms they will not renew
- Conducts a thorough screening process for renters (and pets) to place quality renters
- Make sure a new lease is signed, and your rental is ready for new residents to move in quickly after former renters vacate
Property managers have the staff and resources to manage renters and renewals effectively—whether you have one rental property or many! Our priority is to protect your bottom line with minimal vacancy days and by placing quality renters. However, it's helpful for Mason County real estate investors to know that most property managers also don't get paid if your rental doesn't have a resident. We apply our best strategies and resources to maintain your cash flow ROIs while justifying why you chose us to care for your rentals and build your long-term income.
The Best Mason County Property Manager Keeps Rentals Leased!
The best way to achieve shorter vacancy cycles is to partner with the best property management Mason County offers! Joseph Property Management experts understand how critical it is to keep your rentals leased with quality residents. With our marketing, leasing, screening, and renter management experience, real estate investors benefit from more renewals and better quality residents that maximize ROIs.
If you're tired of dealing with empty rentals or poor-quality renters, contact us to learn how we can help!